Ten Reasons Why Laneway Homes are Awesome
It all started in Vancouver, and now the fever is in Toronto too. Everyone wants to build, buy or rent a laneway house. There are a couple of nay-sayers and pessimists, but you’ll soon find that the benefits outweigh the downfalls.
Homeowners aren’t the only ones benefiting from laneway homes, the greater Toronto community is as well. In this post, we take a look at the big picture and learn why the newly instated law regarding laneway homes is a step in the right direction.
Why it is Beneficial to Toronto
As mentioned, it is not only homeowners who’ll benefit from laneway homes, but also the greater community. Let’s take a look at how everyone else will benefit.
1. Safer Laneways, Less Crime
Since the entire property will have inhabitants, and both lanes will have people living there, we see a decrease in the crime rate. Alleyways are usually targeted as high crime spots. Eliminating these areas and converting them into habitable or recreational spaces immediately makes the area safer.
This has been the case in Vancouver, where the approval of laneway homes came through earlier this year.
2. Adds or Retains Neighbourhood Character
Depending on the neighbourhood or area, adding a laneway house can add to its character. Traditionally, laneway homes are designed to complement the main house of the property. This ensures that the curb appeal of the property is enhanced rather than decreased.
In certain cases, laneways are utilised as recreational spaces. Either way, the overall look and spirit of the property is enhanced.
3. Affordable Housing Solution
As the need for housing increases, so does the price of rentals. Laneway homes make it possible for the community to rent a home in a single-family neighbourhood. Toronto currently faces a crisis in regards to housing solutions, and laneway homes are a great option.
These homes are also located close to public transportation spots, schools, and other sought-after amenities.
4. Meets Population Growth Needs
The city of Toronto is experiencing rapid growth in population annually. This has lead to the massive housing problem the city is facing. Including laneway homes will be a great solution and allow single-family neighbourhoods to increase their density practically and humanely.
Housing needs will not be a problem thanks to laneway homes. Homeowners will be able to benefit from them too.
5. Less Harsh Impact on the Environment
Thanks to the size of laneway homes, they are more energy efficient than houses. This is due to the usage of fewer resources and energy. The building requirements of laneway homes are also green and non-invasive. Construction is completed quickly and off-site.
Laneway homes are fitted with energy efficient heating systems and appliances as well as solar panels. They are green in every way.
Why Laneway Homes are Beneficial to Toronto Homeowners
Now that you know your community will benefit from laneway homes, you probably want to find out how you as a home-owner can benefit.
1. Increase the Value of your Property
When you decide to build a laneway home on your property, you’ll be increasing its value. Depending on the design of your laneway house, your property value could increase up to $100,000. This is a notable benefit of building a laneway home.
2. Allows Aging-in-Place
For those who don’t want to downsize but stay in the same neighbourhood, building a laneway home is a perfect solution. They allow you to move to a smaller space while still living on the same property.
You could also rent the main house to earn an extra income. The options are limitless!
3. Serve as Extra Income
Another great benefit of owning a laneway home is that it allows homeowners to generate an extra income. If you need to pay your mortgage or want to save for retirement, building and renting out your laneway house is a feasible option.
Whether you rent your laneway home out on a long or short-term basis, you’ll have extra cash at the end of the day which can really come in handy.
4. Allows Extended Family to Live Close by
Another option for those opting to build a laneway house is to use it as a living space for extended family. Some folks build laneway homes for their older kids as a starter home when they start working. Others build it for elderly parents to cut the high costs of nursing homes and to have them close by in case of an emergency.
Laneway homes allow for privacy both ways with the added benefit of bringing family closer together.
5. Increase Your Chances of Selling
If you want to sell your main home at some point, adding a laneway house on the property will increase your chances of selling. Having an additional home on your property will make it more appealing to potential buyers as it will increase its value.
There are plenty of benefits to adding a laneway house on your property. As you have seen it’s great for the community, the environment, your family and your pocket! The best part is that it is now legal and a preferred housing option in Toronto.
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Give us a call and one of our dedicated team members will provide you with further information regarding your future laneway home.